Cohu : 23rd Annual Needham Growth Conference

January 12, 2021

23rd Annual Needham Virtual Growth Conference

Cautionary Statement Regarding Forward-Looking Statements

Forward-Looking Statements:

Certain statements contained in this presentation may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding strategies to extend leadership in high-growth RF test, deliver high yield test and inspection for 5G, ADAS and xEV applications, increase contactor attachment rates and goal to double rate, and to provide analytics to optimize productivity, estimated total market CAGR, secular tailwinds driving end-market growth, estimated market segments CAGR sales growth, Semi Test target revenue growth CAGRs, 5G and RF Semi Test incremental revenue 1H'21, est. 5G device growth, Test and Inspection Handler target revenue growth CAGRs, Interface Solutions target revenue growth CAGRs, "Cohu Strategy" for each business unit, any comments on Cohu's Q1'21 and FY2021 outlook, momentum or growth, Cohu "Target Model" and "Target Financial Model" strategies and all associated financial forecasts, est. growth, revenue split by business, free cash flows, R&D exp., cap ex, and est. margin improvements and quarterly Model estimates, Cohu's fourth quarter 2020 sales forecasts, updated guidance, sales mix, est. of record orders, non-GAAP operating expenses, gross margin, adjusted EBITDA and effective tax rate, est. second half and full year 2020 financial results, and cash and shares outstanding, estimated minimum cash needed, potential M&A, est. op ex variability with sales and % of incremental sales falling to op income, any future Term Loan B principal reductions and goals, and any other statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Any third-party industry forecasts, comments or presentations are for reference only and Cohu does not adopt or affirm any such materials.

Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: The ongoing global COVID-19 pandemic has adversely affected, and is continuing to adversely affect, our business, financial condition and results of operations, and COVID-19 could re-surge at any time and our business could be abruptly impacted again to an even greater extent; October 2020 COVID-19 related government movement control orders reinstituted in Malaysia and actual adverse impacts that have begun to reoccur among Malaysia- based and/or other suppliers; Recently increasing COVID-19 cases in countries where Cohu's principal facilities are located including the United States, the Philippines, Malaysia, Switzerland and Germany; Other significant risks associated with the Xcerra acquisition, integration and synergies including the failure to achieve the expected benefits of the acquisition, and mandatory ongoing impairment evaluation of goodwill and other intangibles whereby Cohu could be required to write off some or all of this goodwill and other intangibles; Continued availability of capital and financing and additional rating agency downgrade actions, and limited market access given our high debt levels; Our Credit Agreement contains various representations and negative covenants that limit our business flexibility; Changes to or replacement of LIBOR may adversely affect interest rates; Adverse investor reaction to the recently suspended cash dividend; Other risks associated with acquisitions; inventory, goodwill and other asset write-downs; Our ability to convert new products into production on a timely basis and to support product development and meet customer delivery and acceptance requirements for new products; Lost productivity, project delays and internal control risks due to ongoing employee "work from home" programs; Our reliance on third-party contract manufacturers and suppliers; Failure to obtain customer acceptance resulting in the inability to recognize revenue and accounts receivable collection problems; Market demand and adoption of our new products; Customer orders may be canceled or delayed; Design-wins may or may not result in future orders or sales; The concentration of our revenues from a limited number of customers; Intense competition in the semiconductor equipment industry; Our reliance on patents and intellectual property; Compliance with U.S. export regulations; Impacts from the Tax Cuts and Jobs Act of 2017 and ongoing tax examinations; Geopolitical issues, trade wars and Huawei/HiSilicon export restrictions (including new restrictions effective in May and August 2020); Retention of key staff; Other health epidemics or natural disasters; ERP system implementation issues particularly as Cohu recently launched a new ERP system in first quarter 2020 and plans a broader rollout in 2020; The seasonal, volatile and unpredictable nature of capital expenditures by semiconductor manufacturers particularly in light of weakened demand in 2019 followed by the COVID-19 global pandemic in 2020; and Rapid technological change.

These and other risks and uncertainties are discussed more fully in Cohu's filings with the SEC, including the most recently filed Form 10-K and Form 10-Q, and the other filings made by Cohu with the SEC from time to time, which are available via the SEC's website at www.sec.gov. Except as required by applicable law, Cohu does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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Luis Müller

CEO

Driving Growth and Differentiation

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Global Technology and Market Leader

…in $6.5 billion(1) Semiconductor and PCB Markets

~$631M ~45% ~12%

Est. 2020 Revenue (2)

21%

2017-20 Revenue CAGR (2))

(organic growth & acquisitions)

1. Source: Gartner, June 2020 and Company estimates
2. Reflects actual YTD 2020 results plus the mid-point of the
   Company's Q4'20 guidance as updated on December 1, 2020
3. Non-GAAPfigure; See Appendix for GAAP to Non-GAAP reconciliations, and notes regarding use of forward-lookingnon-GAAP figures

Recurring Revenue

Operating Income (2) (3)

28,000+ 7%

Equipment Installed Base

Est. Market CAGR (1)

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